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Why Do I Need To
Know My Credit Score?
You need to
know your credit score because of the
influence it has on your eligibility for higher limits and
lower interest rates. Lenders inspect your credit score
closely before deciding how, or even if, to extend your line
of credit. Whether you are gearing up to buy a home or car,
take out a substantial education loan, or apply for a credit
card, a high credit score is your best chance to get the
credit you need, at an interest rate you can afford.
Knowing your credit score opens the door to improving your
credit history. Start by reviewing your present credit
status, and making plans to pay off any old debts. Map out a
realistic budget, and be sure to first start reducing debts
with higher interest rates. In the event you have extra cash
at the end of the month, be sure to add this to your minimum
payment, as even a little bit extra can greatly shrink your
repayment time.
Your knowledge and understanding of how this score affects
your future credit is imperative. It is never too late for
you to begin repairing your past credit mistakes.
Credit
history builds around your strengths, while negative credit
information can remain on your report for seven to 10 years.
Credit bureaus keep a record of every credit move you make,
including loan agreements, home and auto mortgages, credit
cards and more. With so much sensitive information on public
record, it only makes sense for individual consumers to stay
on top of their own credit history. When credit is declined,
creditors will often cite factors behind this rejection. For
consumers, this information is critical in stabilizing your
future credit status. |
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